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"The downward trend in the housing market during 2008 provided a favorable climate for mortgage fraud schemes to proliferate," the report said. "Several of these schemes have the potential to spread if the current economic downward trend, as expected, continues into 2009 and beyond." Nearly two-thirds of the pending FBI mortgage fraud investigations last year involved losses of more than $1 million. The western United States had the most FBI investigations, with the top 10 states being California, Illinois, Texas, Georgia, Ohio, Colorado, Maryland, Florida, Missouri, and New York.
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